About 66% of residents have debt in collections -- meaning more than 180 days past due -- at a median amount of $1,847. Across the U.S., 35% of Americans have debt in collections.

"Delinquent debt is quite prevalent in Detroit," said Diana Elliott, lead author of the report. "That affects future access to credit and future wealth-building potential."

Credit accessibility is limited for many residents in the city: just 15% of Detroiters have an auto loan, 27% have revolving credit (usually a credit card) and 7% have a mortgage, the report found. All three numbers are significantly below the national averages.

Since its high in 2006, the number of new mortgages has dropped by 94% in the city.

The main reasons behind the lack of credit are residents' subpar credit scores and debt loads.

The study found that just 19% of the city's population has healthy credit, which it defined as having one line of credit that hasn't been delinquent in the past year, and no lines of credit 60 days late in the past two years.

Almost two thirds of residents have what's considered a "subprime" credit score.

The report examined credit scores from VantageScore, which range from 300 to 850. A subprime score falls in anywhere between 300 to 600.

Lenders use credit scores to determine a potential borrower's ability to repay a loan for purchases like a home or car.

"Credit scores not only reflect past financial distress, but also future access to credit," said Elliott.